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The karnataka souharda sahakari act, 1997

Taxation Manager en Nilgiri Group of Industries
17 de Apr de 2020
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The karnataka souharda sahakari act, 1997

  1. THE KARNATAKA SOUHARDA SAHAKARI ACT, 1997 CA Hiten V Nagda
  2. Discussion on ….  Co-operative Principles ( Sec 67).  Special Provision for Insured Banks (Sec. 67A & 67 B).  Offence & Penalties (Sec 68).  Miscellaneous (Sec. 69 to 72)
  3. Cooperative Principles…. Provision relating to topic is contained in section 67. Society registered under this Act is guided by following principles. 1) Co-operative are voluntary organisations; 2) Co-operatives are democratic organisations controlled by their members; 3) Members contribute equitably to, and democratically control the capital of their Co-operative; 4) Co-operatives are autonomous;
  4. Cooperative Principles Cont…. 5) Co-operatives provide education & training; 6) Co-operatives serve their members ; 7) Co-operatives work for the sustainable development of their communities Co-operatives work for the sustainable development of their communities.
  5. Special Provision for Insured Banks …. Provision relating to topic is contained in section 67A & 67B inserted with effect from 31st March 2004. Section 67A : Certain Orders to be passed by the Registrar if so required by the Reserve Bank. Section 67B : Reimbursement to the Deposit Insurance Corporation by the liquidators.
  6. Special Provision for Insured Banks Cont…. Section 67A : Certain Orders to be passed by the Registrar if so required by the Reserve Bank.  Order of winding up of Cooperative Bank.  Order of Moratorium.  Order for supersession and removal of management of cooperative Bank. No appeal, revision or review shall lie against an order made as above, on requisition and previous sanction granted by the RBI and such order of sanction shall not be liable to be called in question in any manner.
  7. Special Provision for Insured Banks Cont…. Section 67B : Reimbursement to the Deposit Insurance Corporation by the liquidators. Where insured bank is wound up or taken in liquidation and Deposit Insurance Corporation (DIC) has become liable to the depositor of the Insured Bank, the DIC shall be reimbursed by liquidator or such person, to the extend and in the manner provided in section 21 of the Deposit Insurance Corporation Act , 1961.
  8. Offence & Penalties …. Section 68 contain provision relating to Offence & Penalties as follow:  Fail to issue notice, send a return or documents, neglects or refuse to provide information or willfully provide false information or providing insufficient Information as required by the Act or rules made thereunder  With Fine Rs. 5,000/- or Imprisonment for One Year or Both.  Fail to make deduction and fail to pay post deduction to the cooperative  With Fine Rs. 5,000/- or Imprisonment for One Year or Both.
  9. Offence & Penalties Cont….  Fails to do any act required to be done or allows to be done any act forbidden by this Act or the bye-laws or fulfil the duties or indulges in fraudulent activities or misuses funds and properties or indulges in the conduct of election to the board of directors “in corrupt” practices  With Fine Rs. 10,000/- or Imprisonment for Two Years or Both.  Fail to provide information, books of accounts, or records contribute to funds (Federal Cooperative Fund), provide assistance, appear in person  With Fine Rs. 10,000/- or Imprisonment for Two Years or Both.
  10. Offence & Penalties Cont….  Fails to furnish such information or produce such books or records or who willfully fails to handover custody of the books, accounts, documents, records, cash, security and other property to an authorized person  With Fine Rs. 10,000/- or Imprisonment for Two Years or Both.  Fail to comply with a lawful written order or a requisition or a summons issued  With Fine Rs. 10,000/- or Imprisonment for Two Years or Both.
  11. Offence & Penalties Cont….  Fails to get books of accounts audited within a time as stipulated U/s. 33 or 64 as the case may be and present the audited financial statement along with audit report before AGM  With Fine Rs. 5,000/- or Imprisonment for Six Months or Both.  Fail to submit the returns and information to the registrar as specified U/s. 34 and 64A  With Fine Rs. 10,000/- or Imprisonment for Two Years or Both.
  12. Offence & Penalties Cont….  Fails to assist the cooperative election commission by furnishing the books, records and information required for conducting elections within the prescribed time U/s. 26 or 58  With Fine Rs. 10,000/- or Imprisonment for Six Months or both.  Adopt any corrupt practice before, during or after election of members as specified U/s. 39C or Commits any electoral offences as Specified U/s. 39K  With Fine Rs. 10,000/- or Imprisonment for two years or both.
  13. Miscellaneous…. Miscellaneous Provision contained as follow:  Cognizance of offence (Sec. 69): No court inferior to that of a Magistrate of the First Class shall try any offence under this Act.  Complaint regarding offences (Sec. 69A, inserted w.e.f. 24th Dec. 2016) : No complaint regarding offences under section 68 shall be instituted unless it is approved by the Registrar (Except in case of criminal compliant for misappropriation or embezzlement of funds).  Protection against the action taken in good faith (Sec. 69B, inserted w.e.f. 24th Dec. 2016): No suit, prosecution or other legal proceedings shall be lie against the officer appointed U/s. 38 or 38A in respect of anything done in good faith or purporting to have been done under this Act.
  14. Miscellaneous Cont….  Power to remove difficulties (Sec. 70) : The Govt. may by notification and previous publication under in the Official Gazette, may such provision or clarification as appear to it to be necessary or expedient to remove difficulty.  Power to Make Rules (Sec. 71) : This section empower to Govt. to make rules and publish the same in Official Gazette to carry out the purpose to the Act. Rule made under this Act shall not have effect unless it is approved or agreed upon by each house of state legislature in same form or in modified form as guided by them within period of 30 days ( Within one or more session).
  15. Miscellaneous Cont….  Savings (Sec. 72) : Notwithstanding anything contained in section 6 of this Act, where a Co-operative society registered under the Karnataka Co-operative Societies Act 1959 (KCSA) is converted to a Co-operative under this Act, and at the time of such conversion was a party to any proceedings under various provisions of KCSA such proceedings continued and finally decided as if the cooperative society was not converted into a cooperative under this Act and any decree or order or award so passed in such proceedings shall be executed in accordance with section 101 of KCSA.

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